To reach this level of revenue annually, the market is expected to develop at a compound annual growth rate (CAGR) of more than 14% between 2019 and 2024, according to ResearchAndMarket’s report.
The growth will be driven by the increase in adoption of the technology in the manufacture of biologics, particularly as the cell and gene therapy pipeline continues to develop in size.
Single-use technology can be utilised across a range of therapies, including monoclonal antibodies, vaccines, biosimilars, stem cells, as well as cell and gene therapies.
The sector is expected to grow commensurate with the growth of contract manufacturing of biologics, which is predicted to expand to be worth $87.6bn (€77.7bn) by 2024.
In the report, the market is divided into simple and peripheral devices, and single-use bioprocessing equipment – with the latter representing more than half of the total market share in 2018.
Within the applications of the technology, it is broken down into filtration, storage and transfer, cell culture, mixing, and purification. Of these, purification is the fastest growing segment and has a forecasted CAGR of 20% through to 2024.
The flexibility of single-use technology has previously seen large uptake and utilisation at the clinical trial stage; however, the report adds, “Contract manufacturing organisations (CMOs) are increasingly adopting single-use bioprocessing for commercial manufacturing facilities as their confidence is growing with improvements in supply chains, material science, and robustness of single-use technologies.”
This greater level of adoption will see increased competition in the market, allowing small- and medium-sized business to “gain a quick foothold in the market”, the report continued.
However, so far 2019 has been marked as a year in which the biologic manufacturing space, particularly in the cell and gene space, has seen significant consolidation, with larger companies snapping up medium-sized businesses.